Business Update – 27 September 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Electric car rules could cost carmakers billions

New Brexit trade rules covering electric vehicles could cost European manufacturers £3.75bn over the next three years, an industry body has said. The rules are meant to ensure that EU-produced electric cars are largely made from locally sourced parts. But manufacturers on both sides of the Channel say they are not ready.

Jeremy Hunt calls for London to be the place tech companies choose to raise capital

Jeremy Hunt has said that London’s stock exchange should be like the Nasdaq exchange in the US and become “Europe’s place of choice” for technology companies that want to raise capital.

Almost 430,000 young people urged to claim their cash

Hundreds of thousands of young adults could have an average of £2,000 waiting for them in their unclaimed Child Trust Fund account.

KPMG braced for record fine over audit of collapsed Carillion

KPMG is in advanced talks with regulators about a record fine running into tens of millions of pounds for failings in its auditing of Carillion, the construction company which collapsed in 2018 with the loss of thousands of jobs.

Resilience and renewal: ICAEW’s in-depth look at the economy

The lives of everyone in the UK are tied to the health of its economy, but it faces serious long-term challenges; a new ICAEW series looks at how we could build a more resilient future.

1.4 million small businesses in the UK ‘set to close’ which is a ‘concern for the British economy’

Small businesses are facing a ‘quadruple threat’ of rising interest rates, rocketing energy prices, delayed customer payments and the cost of meeting sustainability expectations. As a result of this, over a quarter (26%) of small business owners are declaring they will have to cease trading if the outlook for their business doesn’t improve by the end of 2023.

Bank rate steady at 5.25% following surprise inflation drop

The Bank of England has left borrowing costs untouched for the first time in nearly two years following yesterday’s better-than-expected figures that showed inflationary heat is continuing to come out of the UK economy, writes Andrew Michael.

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